FULL YEAR 2022 OUTLOOK Financial Discussion slide image

FULL YEAR 2022 OUTLOOK Financial Discussion

NON-GAAP ADJUSTED FREE CASH FLOW RECONCILIATION SCHEDULE (in thousands, except share and per share amounts) Six months ended June 30 Adjusted Free Cash Flow* Net cash provided by operating activities Plus/(less): Change in book overdraft 2018 1,411,235 2019 1,540,547 1,408,521 2020 2021 2022e** 2021 2022 (839) Plus: Proceeds from disposal of assets 5,385 (Less): Capital Expenditures for Property & Equipment (546,145) (2,564) 3,566 (634,406) 1,698,229 1,096 (367) 19,084 42,768 (597,053) (744,315) 1,973,888 (54) 848,478 973,678 (190) (54) 16,894 (850,000) 7,906 (271,392) 16,894 (371,428) (Less): Distributions to noncontrolling interests (103) (570) Adjustments: Payment of contingent consideration recorded in earnings 11 10,371 520 520 Cash received for divestitures (2,030) (2,376) (10,673) Transaction-related expenses 8,607 12,335 9,803 (17,118) 30,771 (5,671) 27,096 583 (5,671) 27,096 Integration-related and other expenses 2,760 Pre-existing Progressive Waste share-based grants 5,772 4,810 5,770 397 12 144 Tax Effect Adjusted Free Cash Flow* (4,752) (4,565) (5,021) (1,287) (2,165) 879,901 916,777 841,898 1,009,598 1,160,000 (214) 585,835 12 (2,165) 638,362 Revenues 4,922,941 5,388,679 5,445,990 6,151,361 7,125,000 2,929,874 3,462,690 Adjusted EBITDA * 1,566,418 1,673,554 1,661,984 1,919,158 2,190,000 918,079 1,068,934 Adjusted Free Cash Flow* as % of Adjusted EBITDA* 56.2% 54.8% 50.7% 52.6% 53.0% 63.8% 59.7% *Adjusted free cash flow, free cash flow as % of revenue and adjusted EBITDA, non-GAAP financial measures, are provided supplementally because they are widely used by investors as valuation and liquidity measures. Other companies may calculate these metrics differently. **2022e is based on August 2022 outlook. 21
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